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Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card
The asset manager sees higher demand than ever as direct lending proves solid during a crisis
Loan bankers say that some sectors look particularly shaky after Trump tariffs
Moody's says the prevalence of PIKs could lead to bondholders wanting structural risk mitigants
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Leads have tightened pricing and increased the size of Casino’s maturity-pushing loan and bond refi, with investors keen to buy the company’s turnaround story and looking past the troubles of holding company Rallye, which needs to find a big slug of cash to pay bondholders in 2023. -
Mizuho has hired Robert Lepone as head of loan trading EMEA, a newly created job intended to expand the Japanese bank’s loan distribution capabilities.
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Asian lenders have often balked at dividend recaps. They should reconsider.
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BNP Paribas has leapfrogged JP Morgan to become the top bookrunner in EMEA loans this quarter, with the French bank almost doubling its market share. But this increase has yet to play out in the bank’s bond bookrunning activities in the region.
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Philippine company SPi Global, an outsourcing services provider, is understood to be seeking a $300m to $400m loan, some of which will go towards funding a dividend recapitalisation.
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The financial markets’ stance on climate change has taken a stride forward as 43 asset managers with $23tr of assets including some of the biggest such as BlackRock and Vanguard have joined the Net Zero Asset Managers’ Initiative. A critical mass of investors is now committed to reducing carbon emissions in their portfolios to zero, meaning that companies can be in no doubt which way they have to go if they want to maximise their potential investor base.
